Ovintiv Reports Fourth Quarter and Year-End 2025 Financial and Operating Results

PR Newswire

DENVER, Feb. 23, 2026

2026 Guidance⁽¹⁾	1Q 2026⁽²⁾	Post-Anadarko Sale	Full Year 2026
Total Production (MBOE/d)	660 – 680	610 – 635	620 – 645
Oil & Condensate (Mbbls/d)	220 – 225	202 – 208	205 – 212
NGLs (C2 to C4) (Mbbls/d)	96 – 100	75 – 80	80 – 85
Natural Gas (MMcf/d)	2,075 – 2,125	2,000 – 2,100	2,000 – 2,100
Capital Investment ($ Millions)	$600 – $650	$540 – $590	$2,250 – $2,350

1.	Assumes the Anadarko disposition closes April 1, 2026.
2.	Includes volumes associated with the NuVista transaction following closing of the acquisition on February 3, 2026.

(for the period ended December 31)	4Q 2025	4Q 2024	2025	2024
Capital Expenditures⁽¹⁾	465	552	2,147	2,303
Oil (Mbbls/d)	140.9	167.1	142.7	168.3
NGLs – Plant Condensate (Mbbls/d)	67.8	42.6	66.7	42.9
Oil & Plant Condensate (Mbbls/d)	208.7	209.7	209.4	211.2
NGLs – Other (Mbbls/d)	97.2	90.1	94.8	90.8
Total Liquids (Mbbls/d)	305.9	299.8	304.2	302.0
Natural Gas (MMcf/d)	1,905	1,680	1,862	1,698
Total Production (MBOE/d)	623.4	579.9	614.5	585.0

(1) Including capitalized directly attributable internal costs.

(for the period ended December 31) ($ millions)	4Q 2025	4Q 2024	2025	2024
Cash From (Used In) Operating Activities Deduct (Add Back): Net change in other assets and liabilities Net change in non-cash working capital	954 (11) (8)	1,020 (39) 55	3,652 (40) (93)	3,721 (74) (247)
Non-GAAP Cash Flow⁽¹⁾	973	1,004	3,785	4,042

Non-GAAP Cash Flow⁽¹⁾	973	1,004	3,785	4,042
Less: Capital Expenditures⁽²⁾	465	552	2,147	2,303
Non-GAAP Free Cash Flow⁽¹⁾	508	452	1,638	1,739

Net Earnings (Loss) Before Income Tax Before-tax (Addition) Deduction: Unrealized gain (loss) on risk management Impairments Non-operating foreign exchange gain (loss)	372 18 (49) (1)	(101) (75) (450) (14)	770 6 (920) 85	1,351 (136) (450) 6
Adjusted Earnings (Loss) Before Income Tax Income tax expense (recovery)	404 49	438 87	1,599 342	1,931 371
Non-GAAP Adjusted Earnings⁽¹⁾	355	351	1,257	1,560

(1) Non-GAAP Cash Flow, Non-GAAP Free Cash Flow and Non-GAAP Adjusted Earnings are non-GAAP measures as defined in Note 1.

(2) Including capitalized directly attributable internal costs.

(for the period ended December 31)	4Q 2025	4Q 2024	2025	2024
Liquids($/bbl)
WTI	59.14	70.27	64.81	75.72
Realized Liquids Prices
Oil	61.89	67.93	66.42	73.35
NGLs – Plant Condensate	54.69	65.81	60.32	68.24
Oil & Plant Condensate	59.55	67.50	64.48	72.31
NGLs – Other	17.44	20.88	18.94	19.70
Total NGLs	32.76	35.34	36.03	35.28

Natural Gas
NYMEX ($/MMBtu)	3.55	2.79	3.43	2.27
Realized Natural Gas Price ($/Mcf)	2.65	2.42	2.54	2.17

(for the period ended December 31) ($/BOE)	2025	2024
Production, mineral and other taxes	1.27	1.56
Upstream transportation and processing	7.51	7.25
Upstream operating	3.80	4.24
Administrative, excluding long-term incentive, restructuring, transaction and legal costs	1.26	1.32

($ millions, except as indicated)	December 31, 2025	December 31, 2024
Long-Term Debt, including Current Portion	5,202	5,453

Net Earnings (Loss)	1,242	1,125
Add back (Deduct):
Depreciation, depletion and amortization	2,179	2,290
Interest	376	412
Income tax expense (recovery)	(472)	226
EBITDA	3,325	4,053
Debt to EBITDA (times)	1.6	1.3

($ millions, except as indicated)	December 31, 2025	December 31, 2024
Long-Term Debt, including Current Portion	5,202	5,453

Net Earnings (Loss)	1,242	1,125
Add back (Deduct):
Depreciation, depletion and amortization	2,179	2,290
Impairments	920	450
Accretion of asset retirement obligation	28	19
Interest	376	412
Unrealized (gains) losses on risk management	(6)	136
Foreign exchange (gain) loss, net	31	(19)
Other (gains) losses, net	(46)	(165)
Income tax expense (recovery)	(472)	226
Adjusted EBITDA	4,252	4,474
Debt to Adjusted EBITDA (times)	1.2	1.2

(1) Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures as defined in Note 1.

Oil and Condensate Hedges ($/bbl)

1Q 2026

2Q 2026

3Q 2026

4Q 2026

1Q 2027

2Q 2027

3Q 2027

4Q 2027

WTI Fixed Price Swaps

3 Mbbls/d

$63.90

4 Mbbls/d

$64.48

4 Mbbls/d

$64.36

4 Mbbls/d

$64.42

Call StrikeWTI 3-Way Options

Put Strike

Sold Put Strike

46 Mbbls/d

$72.28

$62.04

$51.74

51 Mbbls/d

$70.70

$61.28

$51.11

51 Mbbls/d

$70.95

$59.31

$50.13

41 Mbbls/d

$70.28

$57.29

$50.16

20 Mbbls/d

$70.44

$58.67

$50.00

WTI Costless Collar

Ceiling Price

Floor Price

0.7 Mbbls/d

$70.68

$58.71

1 Mbbls/d

$70.68

$58.71

1 Mbbls/d

$70.68

$58.71

1 Mbbls/d

$70.68

$58.71

Natural Gas Hedges ($/Mcf)

1Q 2026

2Q 2026

3Q 2026

4Q 2026

1Q 2027

2Q 2027

3Q 2027

4Q 2027

NYMEX Fixed Price Swaps

13 MMcf/d

$4.07

20 MMcf/d

$4.07

20 MMcf/d

$4.07

20 MMcf/d

$4.07

Call StrikeNYMEX 3-Way Options

Put Strike

Sold Put Strike

500 MMcf/d

$7.95

$3.33

$2.70

450 MMcf/d

$5.92

$3.33

$2.58

450 MMcf/d

$5.92

$3.33

$2.58

450 MMcf/d

$5.92

$3.33

$2.58

300 MMcf/d

$5.04

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

200 MMcf/d

$4.49

$3.50

$2.50

NYMEX Collars

Call Strike

Put Strike

62 MMcf/d

$5.27

$3.75

95 MMcf/d

$5.27

$3.75

95 MMcf/d

$5.27

$3.75

95 MMcf/d

$5.27

$3.75

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

15 MMcf/d

$4.72

$3.50

AECO Nominal Basis Swaps

238 MMcf/d

($1.28)

338 MMcf/d

($1.25)

338 MMcf/d

($1.25)

338 MMcf/d

($1.25)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

260 MMcf/d

($1.17)

AECO Fixed Price Swaps

100 MMcf/d

$2.33

133 MMcf/d

$2.32

152 MMcf/d

$2.29

118 MMcf/d

$2.31

19 MMcf/d

$2.02

19 MMcf/d

$2.03

6 MMcf/d

$2.01

AECO Collars

Call Strike

Put Strike

10 MMcf/d

$2.24

$1.76

10 MMcf/d

$2.24

$1.76

3 MMcf/d

$2.24

$1.76

13 MMcf/d

$2.46

$1.83

20 MMcf/d

$2.46

$1.83

NuVista Cash Flow Deduct ($MM)⁽²⁾

$27

$30

$34

$24

$16

$12

$10

1)	Ovintiv also manages other key market basis differential risks for gas, oil and condensate.
2)	NuVista's financial hedge position at close of the acquisition was valued at ~$199 MM. Those gains are booked as assets and realized into cash over time as they are settled but are not included in Non-GAAP Cash Flow.

Investor contact:

(888) 525-0304

Media contact:

(403) 645-2252

Strategic Transformation Complete, Driving Increased Shareholder Returns

Highlights:

Full Year 2025

Fourth Quarter 2025

2026 Outlook

.www.ovintiv.com Presentations and Events – OvintivDENVERFeb. 23, 2026

"We have transformed our company into an industry leader by executing at a high level, boosting our profitability, and completely transforming both our portfolio and balance sheet while deepening our inventory in the two most valuable basins by over 3,200 drilling locations at an unmatched cost per location," said Ovintiv President and CEO, Brendan McCracken. "Now we are introducing a new shareholder return framework that will deliver increased returns to our shareholders. These actions set the stage for continued value creation."

Full Year 2025 Financial and Operating Results

Fourth Quarter 2025 Financial and Operating Results

The Company issued the following 2026 guidance:2026 Guidance

Full year 2025 shareholder returns totaled approximately $612 million, consisting of share buybacks of approximately $304 million, or approximately 7.8 million shares of common stock, and base dividend payments of approximately $308 million.New Shareholder Return Framework

Ovintiv's planned 2026 shareholder returns will increase to at least 75% of full year Non-GAAP Free Cash Flow. Longer term, the Company has revised its shareholder return framework, such that 50% to 100% of annual Non-GAAP Free Cash Flow is returned to shareholders via the combination of base dividend payments and share buybacks. To enable execution of the new framework, the Ovintiv Board of Directors has authorized a share buyback program totaling $3.0 billion. Ovintiv expects to commence share buybacks immediately.

Ovintiv had approximately $4.5 billion in total liquidity as at December 31, 2025, which included available credit facilities of $3.5 billion, an available Term Credit Agreement of $1.2 billion, available uncommitted demand lines of $125 million, and cash and cash equivalents of $35 million, net of outstanding commercial paper of $351 million.Continued Balance Sheet Focus

Non-GAAP Debt to EBITDA was 1.6 times and Non-GAAP Debt to Adjusted EBITDA was 1.2 times as of December 31, 2025.

Following the close of the Anadarko disposition, Ovintiv expects its Net Det to total approximately $3.6 billion.

The Company remains committed to maintaining a strong balance sheet and is currently rated investment grade by four credit rating agencies.

On February 23, 2026, Ovintiv's Board declared a quarterly dividend of $0.30 per share of common stock payable on March 31, 2026, to shareholders of record as of March 13, 2026.Dividend Declared

Asset Highlights

Permian production averaged 219 MBOE/d (79% liquids) in the fourth quarter and 215 MBOE/d for the year. The Company had 30 net wells turned in line ("TIL") in the quarter and 136 TILs for the year. In 2026, Ovintiv plans to invest approximately $1.325 billion to $1.375 billion in the play to run approximately 5 rigs and bring on 125 to 135 net wells. 2026 oil and condensate production is expected to average 117 to 123 Mbbls/d and natural gas production is expected to average 270 to 295 MMcf/d.Permian

Montney production averaged 305 MBOE/d (25% liquids) in the fourth quarter and 299 MBOE/d for the year. The Company had 20 net wells TIL in the quarter and 96 TILs for the year. In 2026, Ovintiv plans to invest approximately $875 million to $925 million to run approximately 6 rigs and bring on 130 to 140 net wells. 2026 oil and condensate production is expected to average 80 to 84 Mbbls/d and natural gas production is expected to average 1.7 to 1.8 Bcf/d.Montney

SEC proved reserves at year-end 2025 were 2.3 billion BOE, of which approximately 50% were liquids and 64% were proved developed. Total proved reserves replacement excluding the impact of acquisitions and divestitures was 150% of 2025 production. Ovintiv's reserve life index at year end was greater than 10 years.Year-End 2025 Reserves

For additional information, please refer to the Fourth Quarter and Year-end 2025 Results Presentation available on Ovintiv's website,www.ovintiv.com Financial Documents LibraryPresentations and Events – Ovintiv

Conference Call Information

A conference call and webcast to discuss the Company's fourth quarter and year-end 2025 results will be held at 8:00 a.m. MT (10:00 a.m. ET) on February 24, 2026.

To join the conference call without operator assistance, you may register and enter your phone number athttps://emportal.ink/4bsVAgj

The live audio webcast of the conference call, including slides and financial statements, will be available on Ovintiv's website,www.ovintiv.com

Refer to Note 1 Non-GAAP measures and the tables in this release for reconciliation to comparable GAAP financial measures.

Capital Investment and Production

Financial Summary

Realized Pricing Summary (Includingthe impact of realized gains (losses) on risk management)

Cost Summary

Debt to EBITDA⁽¹⁾

Debt to Adjusted EBITDA⁽¹⁾

Hedge Details⁽¹⁾

Ovintiv reports in U.S. dollars unless otherwise noted. Production, sales and reserves estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to "Ovintiv," "we," "its," "our" or to "the Company" includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.Important information

Please visit Ovintiv's website and Investor Relations page atwww.ovintiv.com

as soon as practicable after such disclosure is filed with the SEC.www.sedarplus.caNI 51-101 Exemption

NOTE 1: Non-GAAP Measures

Certain measures in this news release do not have any standardized meaning as prescribed by U.S. GAAP and, therefore, are considered non-GAAP measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the oil and gas industry and/or by Ovintiv to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. For additional information regarding non-GAAP measures, see the Company's website. This news release contains references to non-GAAP measures as follows:

– The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.ADVISORY REGARDING OIL AND GAS INFORMATION

– This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company, including the first quarter and fiscal year 2026 guidance and expected free cash flow, the presence of recoverability of estimated reserves, the expectation of delivering sustainable durable returns to shareholders in future years, plans regarding share buybacks and debt reduction, plans to complete the Anadarko disposition, use of proceeds and the expected timing thereof, and timing and expectations regarding capital efficiencies and well completion and performance, are forward-looking statements. When used in this news release, the use of words and phrases including "anticipates," "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Readers are cautioned against unduly relying on forward-looking statements which, are based on current expectations and by their nature, involve numerous assumptions that are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause such statements not to occur, or actual results to differ materially and/or adversely from those expressed or implied. These assumptions include, without limitation: future commodity prices and basis differentials; the Company's ability to successfully integrate the Montney assets; the Company's ability to consummate any pending acquisition or divestment transactions (including the transactions described herein); the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment, including tariffs between the United States and Canada; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein.ADVISORY REGARDING FORWARD-LOOKING STATEMENTS

Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct. All forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly, revise or keep current any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.

The reader should carefully read the risk factors described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Further information on Ovintiv Inc. is available on the Company's website,www.ovintiv.com

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SOURCE Ovintiv Inc.

Generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $3.8 billion and Non-GAAP Free Cash Flow of $1.6 billion after capital expenditures of $2.1 billion
Produced average total volumes of 615 thousand barrels of oil equivalent per day ("MBOE/d"), including 209 thousand barrels per day ("Mbbls/d") of oil and condensate, 95 Mbbls/d of other NGLs (C2 to C4) and 1,862 million cubic feet per day ("MMcf/d") of natural gas
Returned more than $600 million to shareholders through the combination of base dividend payments and share buybacks
Announced the acquisition of NuVista Energy Ltd., adding approximately 100 MBOE/d of production, 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres of land for approximately $2.7 billion; the acquisition closed on February 3, 2026
Announced the planned sale of its Anadarko assets; subsequently announced in February 2026 that an agreement was reached to sell the assets for total cash proceeds of $3.0 billion

Generated fourth quarter cash from operating activities of $954 million, Non-GAAP Cash Flow of $973 million and Non-GAAP Free Cash Flow of $508 million after capital expenditures of $465 million
Delivered average quarterly production volumes of 623 MBOE/d, including 209 Mbbls/d of oil and condensate, 97 Mbbls/d of other NGLs and 1,905 MMcf/d of natural gas

Announced full year 2026 capital program of approximately $2.25 to $2.35 billion, which is expected to deliver total production volumes of 620 to 645 MBOE/d, including oil and condensate volumes of 205 to 212 Mbbls/d
Announced new shareholder return framework, which will increase 2026 shareholder returns to at least 75% of full year Non-GAAP Free Cash Flow through the combination of the base dividend and share buybacks; share buybacks are expected to commence immediately

The Company recorded full year net earnings of $1.2 billion, or $4.78 per share diluted, including non-cash ceiling test impairments of $703 million, after tax, or $2.71 per share diluted.
Full year net gains on risk management in revenues totaled $172 million, before tax.
Full year capital investment of $2,147 million was in line with the full year 2025 guidance range of approximately $2,125 million to $2,175 million.
Full year upstream operating expense was $3.80 per barrel of oil equivalent ("BOE"). Upstream transportation and processing costs were $7.51 per BOE. Production, mineral and other taxes were $1.27 per BOE, or 4.0% of upstream product revenue. These costs were at the low end of guidance on a combined basis.
Including the impact of hedges, full year average realized price for oil and condensate was $64.48 per barrel (99% of WTI), $18.94 per barrel for other NGLs, and $2.54 per Mcf (74% of NYMEX) for natural gas, resulting in a total average realized price of $32.59 per BOE.

Fourth quarter net earnings totaled $946 million, or $3.70 per share diluted, including non-cash ceiling test impairments of $38 million, after tax, or $0.15 per share diluted.
Fourth quarter net gains on risk management in revenues totaled $75 million, before tax.
Fourth quarter capital investment of $465 million was in line with the guidance range of approximately $440 million to $490 million.
Fourth quarter upstream operating expense was $3.80 per BOE. Upstream transportation and processing costs were $7.47 per BOE. Production, mineral and other taxes were $0.94 per BOE, or 3.2% of upstream product revenue. These costs were at the low end of guidance on a combined basis.
Including the impact of hedges, fourth quarter average realized price for oil and condensate was $59.55 per barrel (101% of WTI), $17.44 per barrel for other NGLs, and $2.65 per Mcf (75% of NYMEX) for natural gas, resulting in a total average realized price of $30.74 per BOE.

is a non-GAAP measure defined as cash from (used in) operating activities excluding net change in other assets and liabilities, and net change in non-cash working capital.Non-GAAP Cash Flow
is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital expenditures, excluding net acquisitions and divestitures.Non-GAAP Free Cash Flow
is a non-GAAP measure defined as net earnings (loss) excluding non-cash items that the Company's management believes reduces the comparability of the Company's financial performance between periods. These items may include, but are not limited to, unrealized gains/losses on risk management, impairments, non-operating foreign exchange gains/losses, and gains/losses on divestitures. Income taxes includes adjustments to normalize the effect of income taxes calculated using the estimated annual effective income tax rate. In addition, valuation allowances and the effect of non-recurring discrete transactions are excluded in the calculation of income taxes.Non-GAAP Adjusted Earnings
is defined as long-term debt, including the current portion, less cash and cash equivalents.Net Debt
are non-GAAP measures. EBITDA is defined as trailing 12-month net earnings (loss) before income taxes, depreciation, depletion and amortization, and interest. Adjusted EBITDA is EBITDA adjusted for impairments, accretion of asset retirement obligation, unrealized gains/losses on risk management, foreign exchange gains/losses, gains/losses on divestitures and other gains/losses. Debt to EBITDA is calculated as long-term debt, including the current portion, divided by EBITDA. Debt to Adjusted EBITDA is calculated as long-term debt, including the current portion, divided by Adjusted EBITDA. Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA are non-GAAP measures monitored by management as indicators of the Company's overall financial strength.Adjusted EBITDA, Debt to EBITDA and Debt to Adjusted EBITDA (Leverage Target/Ratio)